The Ministry of Niger Delta Affairs is applying for only $800m loan from the China Exim Bank out of the total sum of $1.07bn required to construct Section V of the EAST-WEST ROAD, ORON in Akwa Ibom state to Calabar, Cross River State.
This was disclosed Thursday by the Honourable Minister of State, SENATOR TAYO ALASOADURA, at the interactive session with Ministries, Departments, and Agencies (MDA’s) organized by the Senate Committee on Local and Foreign Debts in the National Assembly.
ALASOADURA stated that in order to realize the full economic potentials of the EAST-WEST ROAD, it is expedients that the road covers the entire EAST-WEST segment of the Niger Delta region up to Calabar in Cross River State, the home of TINAPA EXPORT FREE ZONE.
He lamented that there is no direct link from the end of the-ongoing EAST-WEST ROAD at Oron in Akwa Ibom State to Calabar in Cross River States presently.
The Honourable Minister of State, said the 23.1 kilometre road is expected to be completed between 2-3 years once construction work starts.
ALASOADURA further informed the Senate Committee that the road project was scaled down from a dual carriage way to single carriage way because of the lean resources of the government.
Chairman Senate Committee on Local and Foreign Debts, Senator, (ENGR.) CLIFFORD ODIA reiterated that the essence of the interactive meeting with the MDA’s was to get a robust reason on why the proposed loan is expedient and how it would be repaid to the lending institution.
He advised that all MDA’s proposed loan submission to the National Assembly must include all necessary requirements to enable the committee peruse and take appropriate decision on the subject.
The Honourable Minister of State was accompanied to the National Assembly with the Permanent Secretary, MR. OLUSADE ADESOLA and other Directors of the Ministry.
